Cannot find Checkbox to "Calculate daily depreciation using total days in depreciation period"

I cannot find the option to check “Calculate daily depreciation” in account settings even though it is shown in documentation and I have seen it being used in other Erpnext instance. I am using:

ERPNext: v14.48.1
Frappe Framework: v14.55.0 (version-14)

Hi @nakul_17

ERPNext: v15.45.0 (version-15)
Frappe Framework: v15.50.1 (version-15)

Is it only possible in v15 as it does not show in my instance of v14.

Yes, only from v15 onwards.